"There are five Indian and six foreign companies which have submitted expression of interest (EoI) for buying stake in the gas transportation company (RGTIL)," a source privy to the development said.

Gas utility GAIL and oil explorer Oil India have submitted separate EoIs for the stake buy, which is being managed by JP Morgan, Citi and SBI Caps.

Other firms which have put in EoI may include NYSE-listed energy major Enbridge.

The source said the companies putting in EoI would visit dataroom of RGTIL and do a complete due diligence before making any financial bid.

RGTIL was originally a subsidiary of Reliance Industries Ltd (RIL) and was incorporated in March, 2003 to transport natural gas from eastern offshore gas fields to consumption centres. Two years later, it was transferred to Mukesh Ambani, chairman of RIL.

It was said at that time that Ambani may sell stake in the company through an initial public offering (IPO) once RIL's eastern offshore KG-D6 field hit peak volumes of 80 mmscmd.

But with KG-D6 output plummetting to less than 34 mmscmd, he wants to sell the gas pipeline business.

Industry sources said RGTIL earlier this month held a meeting of its shareholders in Jamnagar, where its registered office is located, to seek approval for the stake sale. The stake sale was approved at the meeting.

"There are five Indian and six foreign companies which have submitted expression of interest (EoI) for buying stake in the gas transportation company (RGTIL)," a source privy to the development said.

Gas utility GAIL and oil explorer Oil India have submitted separate EoIs for the stake buy, which is being managed by JP Morgan, Citi and SBI Caps.

Other firms which have put in EoI may include NYSE-listed energy major Enbridge.

The source said the companies putting in EoI would visit dataroom of RGTIL and do a complete due diligence before making any financial bid.

RGTIL was originally a subsidiary of Reliance Industries Ltd (RIL) and was incorporated in March, 2003 to transport natural gas from eastern offshore gas fields to consumption centres. Two years later, it was transferred to Mukesh Ambani, chairman of RIL.

It was said at that time that Ambani may sell stake in the company through an initial public offering (IPO) once RIL\'s eastern offshore KG-D6 field hit peak volumes of 80 mmscmd.

But with KG-D6 output plummetting to less than 34 mmscmd, he wants to sell the gas pipeline business.

Industry sources said RGTIL earlier this month held a meeting of its shareholders in Jamnagar, where its registered office is located, to seek approval for the stake sale. The stake sale was approved at the meeting.